Taubman Centers Announces Taxable Allocations of 2014 Common and Preferred Share Dividend Distributions

BLOOMFIELD HILLS, Mich., Jan. 19, 2015 /PRNewswire/ -- Taubman Centers, Inc. TCO announced today the tax allocations of the 2014 dividend distributions on its common shares and 6.5% Series J and 6.25% Series K Cumulative Redeemable Preferred Shares. 

The 2014 distributions paid with respect to Taubman Centers, Inc. Common Stock
(NYSE: TCO/Cusip no. 876664103) are as follows:

• Amounts reported to Direct Share Purchase and Dividend Reinvestment Plan participants will differ due to administrative costs.  Participants should refer to their Form 1099, which will be mailed on or before February 17, 2015, and contact Computershare at (888) 877-2889 for further information.
• The return of capital percentage on common stock dividends is also reported on the Taubman website at www.taubman.com, pursuant to U.S. tax basis reporting required under Internal Revenue Code Section 6045B.
• The portion of the per share dividends paid in 2014 detailed above as capital gains (long term and unrecaptured Section 1250) are designated as capital gain dividends for tax purposes as required by Internal Revenue Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25% rate gain distributions and the long term capital gains are maximum 20% rate gain distributions but may be eligible for a lower capital gains rate.  Please consult your tax advisor.
• For 2014, Taubman Centers, Inc. had no distributions to common stock holders allocable as qualified dividends.
• Taxability of the 2014 common dividend is not indicative of the taxability of future dividends.

The 2014 distributions paid with respect to Taubman Centers, Inc.  Series J Preferred Stock (NYSE:  TCO PrJ/Cusip no. 876664608) are as follows:

• The portion of the per share dividends paid in 2014 detailed above as capital gains (long term and unrecaptured Section 1250) are designated as capital gain dividends for tax purposes as required by Internal Revenue Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25% rate gain distributions and the long term capital gains are maximum 20% rate gain distributions but may be eligible for a lower capital gains rate.  Please consult your tax advisor.
• For 2014, Taubman Centers, Inc. had no distributions to Series J Preferred Stock holders allocable as qualified dividends.
• Taxability of the 2014 dividend to Series J Preferred Stock holders is not indicative of the taxability of future dividends.

The 2014 distributions paid with respect to Taubman Centers, Inc.  Series K Preferred Stock TCO are as follows:

• The portion of the per share dividends paid in 2014 detailed above as capital gains (long term and unrecaptured Section 1250) are designated as capital gain dividends for tax purposes as required by Internal Revenue Code Section 857(b)(3)(C). The unrecaptured Section 1250 gains are 25% rate gain distributions and the long term capital gains are maximum 20% rate gain distributions but may be eligible for a lower capital gains rate.  Please consult your tax advisor.
• For 2014, Taubman Centers, Inc. had no distributions to Series K Preferred Stock holders allocable as qualified dividends.
• Taxability of the 2014 dividend to Series K Preferred Stock holders is not indicative of the taxability of future dividends.

For additional information, please refer to the Taubman Centers, Inc. website, www.taubman.com or call Mark Godek, director of tax compliance, at 248-258-7667.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust engaged in the ownership, management and/or leasing of 21 regional, super-regional and outlet shopping centers in the U.S. and Asia. Taubman's U.S.-owned properties are the most productive in the publicly held U.S. regional mall industry. Taubman is currently developing five properties in the U.S. and Asia totaling 4.7 million square feet. Taubman, with more than 60 years of experience in the shopping center industry, is headquartered in Bloomfield Hills, Mich., and Taubman Asia is headquartered in Hong Kong. www.taubman.com.

For ease of use, references in this press release to "Taubman Centers," "company," "Taubman" or an operating platform mean Taubman Centers, Inc. and/or one or more of a number of separate, affiliated entities. Business is actually conducted by an affiliated entity rather than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties.  You should review the company's filings with the Securities and Exchange Commission, including "Risk Factors" in its most recent Annual Report on Form 10-K and subsequent quarterly reports, for a discussion of such risks and uncertainties.

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SOURCE Taubman Centers, Inc.